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Target's Slump Deepens Retail Malaise Just in Time for Holidays
- Retailers decline sharply despite strong sales results
- Heavy investments to snag new online customers come at a cost
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Shoppers are turning out in droves for the holiday season, but Target Corp. and the rest of the retail sector are in a funk.
Several of America’s big-name retailers reported same-store sales growth that might have heartened investors in the past, with Kohl’s Corp., TJX Cos. and Ross Stores Inc. beating forecasts and Target’s robust 5.1 percent growth coming in just shy of estimates. It wasn’t enough, with shares of all four slipping as Wall Street focused on the negative, wiping out about $9.5 billion in market value.